The Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 percent and the move is likely to have impact on EMIs and now people get to give lesser amount on EMIs. This has been third reduction in repo rate in 2019 and last time, the RBI had reduced rates to frequently in 2013 in order to revive the moribund economy from growth a decade low growth rate.

AP

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Repo rate is the rate at which RBI lends money to bank and repo rate has been reduced to 6 percent from 6.5 this year with RBI reducing the rate twice. Despite the slash in repo rate, the weighted average marginal cost lending rate of banks has seen an increase to 10.42 percent in April this year from 10.38 percent in January. TOI reported.